"My theory is that the 400m, although not due until 2018, will come out from the non current liability class to current liability class by end of May 2017, once that happens it's a technical insolvency for SGH (current liab > current asset)."
If current liabilities exceed current assets, that - on its own - doesn't make a company insolvent.
In Australia, a company is normally considered insolvent when it no longer has the ability to pay all of its debts as and when they fall due, which is all a bit vague obviously.
SGH's cash as at 31/12 had been depleted to less than a month's expenses, and likely more depleted now. And it doesn't have any undrawn lines of credit it can call on (that we know about).
My guess would be that the board has set up a process by now to monitor the situation very closely .. like daily. The fees earned as a director are not enough that they risk being sued for trading while insolvent.
